China Buyouts Come Into Focus

Thank Muddy Waters for China's biggest ever buyout. The short-seller's attack on Nasdaq-listed Focus Media triggered a proposed $3.7 billion offer from the company's chairman and a bunch of private-equity firms, including Carlyle.

But the attack was last November. The offer was announced in August. It will be weeks before the potential buyers know if they've been successful. That's about a year since the company's American depositary...